Learning Goal: I’m working on a accounting project and need support to help me learn.
Assignment Question(s): (Marks 15)
Q1. a. Globalization demands a single set of high-quality international accounting standards. Explain at least 5 elements that demands a single set of high-quality international accounting standards. (Mark 1)
b. Name the two major organizations that sets standards and explain the due processes of setting a new accounting standard? Please write one paragraph. (Mark 1)
Q2. An adjusting journal entry is typically made just prior to issuing a company’s financial statements. What do you understand by adjusting entries? Give examples (Marks 2)
Q3. Presented below is information related to CHO Co. for the month of January 2018.
|Cost of Goods Sold||202,000||Salary expense||61,000|
|Insurance expense||12,000||Sales returns and allowances||13,000|
Instructions: Prepare the closing entries. (Marks 4)
Q4. The retained earnings statement of XYZ Corporation on 31st December 2021 had the following balances:
|Balance, January 1||SAR 165,000|
|Balance, December 31||$ 180,000|
However, before issuing the report for the year ended December 31, 2021, it discover a SAR 20,000 error undervalued inventory that overstated the net income to be higher in 2020 and overvalued depreciation amount of $5,000 which understated net income in 2020. How would this discovery have an impact on the reporting of the Statement of Retained Earnings for 2021? ? (Marks 3)
Q5. a. Presented below is the adjusted trial balance of Abdullah Corporation at December 31, 2020.
Accounts Payable 10,000
Wages Payable 500
Unearned Service Revenue 2,000
Bonds Payable, due 2017 9,000
Share Capital – Ordinary 10,000
Share premium 2000
Retained Earnings 20,000
Net loss 2500
Required: Prepare a classified section on Equity and Liabilities. (Marks 3)
b. What are the requirements of IFRS for a complete set of financial statements be presented annually? (Mark 1)
Why Choose Us
We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.
Professional Academic Writers
Over the years, our Acme Homework has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.
Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.
We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.
At Buy An Essay, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.
Customer Support 24/7
Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: email@example.com.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Buy An Essay has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.
At Buy An Essay, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.
Admission and Business Papers
Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.
Editing and Proofreading
Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.
We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.